Stock markets in United Arab Emirates closed higher on Friday as rising oil prices and IPO plan boosted investor sentiment in the region.
UAE schools operator Taaleem Holdings priced its initial public offering at 3 dirhams ($0.8168) a share, the top end of a range announced last week.
Taaleem's shares will begin trading on Nov. 29 and will have an expected market capitalisation of 3 billion dirhams at the time of listing.
The market in neighbouring Abu Dhabi also been cheering as it got support from Middle East KFC operator Americana's IPO plan after it increased the offering size for UAE retail investors to 10% from 5%.
In Dubai, the main share index rose 0.6% on the back of a 1.3% rise in Dubai Electricity and Water Authority.
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Dubai's stock market could see some support from the successful IPOs which helped attract investors’ interest. The dynamic IPO scene could help keep the market around or above current levels, said Daniel Takieddine, CEO MENA at BDSwiss.
Abu Dhabi's index added 0.4%, bolstered by a 2.5% increase AD Ports Group after saying it acquired Global Integrated Logistics Platform Noatum In a deal worth AED 2.5 billion ($680.66 million) to expand logistics business.
========================================== ABU DHABI rose 0.4% to 10,434 points DUBAI was up 0.6% to 3,352 points ==========================================
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